USDINR Spot: Elliott Wave Analysis

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 USDINR daily chart


Analysis

As seen in the above chart, USDINR is been moving in a higher highs and higher lows and it is precisely moving in a rising red channel. Recently it faced the resistance of the channel and reversed on the back of rate hike by RBI to 50 bps. Technically also prices were facing the resistance of the channel.

With RSI in overbought terrain and prices showing a reversal at the top there is a high possibility for the pair to come down either in a sideways direction or in a steep correction. Three days ago there was a dark cloud cover near the resistance (candle stick pattern) and in Friday a Doji. All these candle stick patterns indicate that the pair can move down towards near support.

Wave theory suggests, the pair is moving in an extension where it recently completed wave iii and can move down to form wave iv.

The summation is USDINR spot prices can move down to test the level of 80.60-80.35 levels over short term.


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